NFTs Are Making A Corporate Comeback

Two years ago, non-fungible tokens were sizzling hot, as art aficionados and speculators pushed blockchain-based images to $27 billion in value. Now that the market has crashed, a much less ambitious version of NFTs are finding a welcome home in the marketing departments of corporate America.

In the first week of October, non-fungible token (NFT) trading fell to its lowest weekly level since 2020, according to data from TheBlock, with only $50 million worth of digital collectibles exchanged on secondary markets. It was a bleak month for NFTs, whose trading volume plummeted from a record $3.2 billion a week in 2022 as prices slid to fractions of their crypto-boom highs.

The tepid activity came two weeks before Nike planned to sell more than 30,000 pairs of its popular Dunks sneakers in a collection linked to NFTs, with an increasingly popular twist that allowed non-blockchain buyers to get in on the action. Unlike virtually all of the previous efforts, buyers could pay by credit card instead of using cryptocurrency, snagging a custom-sized pair of Dunks in one of three color combinations, white and blue, black and purple and black and red.

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[folk.]

Just one question, though... Who paid for this ad? This is just pump and dump advertising.

[ingeniousmechanic]

Why does Forbes allow comments on this video, but not on the video of 'dylan mulvany' from a month ago??

[amandaperez]

how much you wanna bet this ends up completely wrong after a few months?

[TurtleyAwesomeNFT]

There's a the perceived value and real value so it really depends on the buyer and the trend. Right now we seem to be in the uptrend, so who knows? you can never predict the market

[partystyranny]

you can't believe anything Forbes says. I just read an article from them that said diversity increases profit by 39%. that tells you everything you need to know about Forbes and how serious they are

[emmanuelmicron]

forbes...was it a media about economics before being an asylum?

[b_ks]

NFT's suffer from 'Franklin Mint Syndrome'. They are valuable because the makers say so.

[jimathybindlenim]

Forbes on some hard times if it has to promote nft for income 😂. Go woke go broke

[stillnotaphase]

talks about dunk show af1, get it together forbes

[virtualfunart]

We anticipate that NFTs will regain popularity in the future as well. They are an integral part of the Web3 movement, which is likely to gain increasing traction regardless of individual preferences. Among the various blockchain platforms, NFTs on Ethereum and Polygon are expected to experience the highest surge in popularity. Ethereum is the second largest cryptocurrency after Bitcoin, but it distinguishes itself by allowing the upload of live programs known as smart contracts. Additionally, Ethereum has already established a vast network of users. It's important to note that NFTs encompass more than just art; they can also serve as entry tickets, voting mechanisms in polling systems, or assets within games. While it is true that scams exist within the NFT space, it is primarily due to a lack of understanding about the technology, which makes individuals more susceptible to fraudulent activities.

[BitBeastCarter]

We back but at the same time we never left 📈🫡